Recently Developed Boulder View Apartments Sets Record Per Bed Sale
Boulder, CO – CBRE Group, Inc., announced the sale of Boulder View Apartments located at 6655 Lookout Road in Northeast Boulder, Colorado. Dave Potarf, Dan Woodward and Matt Barnett of CBRE Denver Multifamily Investment Properties represented the seller, First Range Management of Boulder. LandBank Investments, LLC, of Menlo Park, California, purchased the property for $22.080 million in a sale that closed March 9, 2016. The property was 97 percent leased at the time of sale.
“Boulder View is a great example of the tremendous demand for multifamily investment in the City of Boulder,” said Matt Barnett, first vice president, CBRE Denver Multifamily Investment Properties. “After finding deep buyer pools for several value-add properties in Boulder over the past year such as Cavalier, Osage, Thunderbird and Eagles Nest, the appetite for new property was just as strong. At $320,000 per unit and $403 per square foot, the per bed price of $262,857 is the highest paid in the market even among several high-profile student housing sales.”
Completed in 2014, Boulder View includes 69 units over three, three-story buildings. The property includes a mix of studio, one- and two-bedroom apartments with an average size of 795 square feet. First Range Management developed Boulder View with a focus on high-quality construction and amenities. Construction features include sound-resistant windows and flooring, an on-demand hot water system, built-in wine racks, recreational storage with bike and ski racks, and a full-size washer and dryer in each unit. Community amenities include an elevated swim spa and hot tub, outdoor grill area, dog park and electric vehicle charging stations.
As a market, Boulder is characterized by some of the highest land prices and impact fees in metro Denver, creating some hurdles for new multifamily development. However, as home prices continue to climb, demand for rental options grow and new high-quality apartments like Boulder View are readily absorbed.
“The buyer appreciated the combination of legacy quality construction and high barriers to entry within the Boulder market,” said Dave Potarf, senior vice president, CBRE Denver Multifamily Investment Properties. “Boulder View will prove to be an excellent long-term investment for the buyer as the market continues to strengthen.”
Boulder View is located just to the northeast of Central Boulder along the Diagonal Highway and surrounded by major employers including IBM, Qualcomm and Covidien.
Photo courtesy of CBRE